Earlier this week, we reported on the growing divide between Black and White homeownership in the country. And now, news out of the Asian Real Estate Association of America, who is reporting on lagging numbers within the AAPI communities in the U.S.
According to Inman, who initially reported on the news, only 60.6 percent of Asian Americans are homeowners. Additionally, only 41.1 percent of Pacific Islanders own their own home in the U.S.
The report from AREAA notes that the national homeownership rate is 65.6 percent.
“We continue to showcase the importance of alternative credit needs as so many in the AAPI community have been culturally adverse to credit, but have good jobs and savings,” AREAA President Amy Kong said in a prepared statement. “We also are working hard on overcoming language barriers, especially when it comes to the paperwork involved in real estate transactions.”
The report looked at AAPI homeownership in 22 U.S. markets that have significantly high Asian American populations. Riverside led those markets with a 71 percent Asian American homeownership rate, along with Washington, D.C., Miami, Houston and Atlanta, all with higher than average ownership rates.
In there 17 remaining cities, however, Asian American homeownership rates were below the national average. Pittsburgh came in the lowest of the 22 markets, where the Asian American homeownership rate was just 45 percent. Other cities on the low-end of the list included New York City, Boston and Los Angeles, which had a homeownership rate of 55 percent.